Jiangxi Yongxing Special Steel New Energy Technology Co., Ltd. announced that it expects to receive CNY 452.0319 million in funding from Yongxing Special Materials Technology Co., Ltd.
June 18, 2020
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Jiangxi Yongxing Special Steel New Energy Technology Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 452,031,900 from existing investor Yongxing Special Stainless Steel Co., Ltd. on June 19, 2020. Out of the total proceeds received in the transaction, CNY 200,000,000 will go to registered capital of the company. Post the closing of the transaction, the registered capital will increase from CNY 300,000,000 to CNY 500,000,000 and the investor will continue to hold 100% stake in the company. The transaction was approved by the board of directors of the investor in 6th Extraordinary Meeting of the 5th Directorate and the 4th Extraordinary Meeting of the 5th Supervisory Board.
Yongxing Special Materials Technology Co., Ltd., formerly Yongxing Special Stainless Steel Co., Ltd. is principally engaged in the research, development, production and sales of special metal material rod and wire for stainless steel and special alloy materials. The Company's main products include stainless steel pipe billets, duplex austenitic-ferritic stainless seamless pipe billets, heat-resistant stainless seamless steel pipe billets for boiler, stainless steel wires for steel wire, stainless steel wires for cold heading and common austenitic stainless steel wires for welding, nickel based corrosion resistant alloy, among others. The Company also produces cathode material and electrolyte material for lithium ion battery. The Companyâs stainless steel bar and wire products are mainly used in thermal power, oil exploitation and refining, transportation, machinery and equipment, aerospace, shipbuilding, defense and military fields.
Jiangxi Yongxing Special Steel New Energy Technology Co., Ltd. announced that it expects to receive CNY 452.0319 million in funding from Yongxing Special Materials Technology Co., Ltd.